Wildfires Will Put $11 Billion Worth of U.S. Property At Risk Every Year By 2050

Photos of the ashen remains of homes, hotels, and historic sites, blackened and burned by the Maui wildfires, make clear the scale of loss from such a tragedy. So far experts have estimated $3.2 billion worth of property damage. And that’s not to forget the more than 110 people who died, and the many others who are now without a home. It’s a stark reminder of the cost climate change is already having. [time-brightcove not-tgx=”true”] But unless swift action is taken to dramatically cut emissions and transition to clean energy, more homes across the U.S. may find themselves in the path of wildfires. And that can have a big impact on the worth of someone’s home. The amount of property in the United States at risk from a 5% or greater chance of being impacted by a wildfire over the course of a 30-year mortgage is expected to more than double by 2050, according to a new study published Aug. 17 by a team of researchers from the University of Utah, Boston University, and Swansea University in Wales. Around 3.3 million U.S. households—equal to over $11 billion worth of property—will be at risk of wildfire damage each year over the next three decades, researchers estimate. That’s compared to roughly 1.1 million households, or $4 billion in property value, that the study found to have been exposed annually between 2000 and 2018. As climate change worsens, that number is only going to go up. With moderate levels of climate ac...
Source: TIME: Science - Category: Science Authors: Tags: Uncategorized climate change embargoed study healthscienceclimate Source Type: news